JP Morgan CEO Dimon Regrets His Comments On Chinese Communist Party

JPMorgan Chase & Co. (JPM) Chief Executive Jamie Dimon says he regrets his comments that the American bank would last longer than China's ruling Communist party.

The top executive expressed his regret while speaking at a Boston College series of CEO interviews on Tuesday.

Dimon said, "I made a joke the other day that the Communist Party is celebrating its 100th year and so is JPMorgan. I'd make a bet that we last longer."

"I regret and should not have made that comment. I was trying to emphasize the strength and longevity of our company," the CEO said in a statement issued by the bank on Wednesday.

A JPMorgan spokesperson said that the CEO had acknowledged his mistake and he would never speak lightly or disrespectfully about another country or its leadership.

"During the discussion Jamie made clear China and its people are very smart and very thoughtful,", the spokesperson said.

China is an important market for the Wall Street bank and in August this year, it had received regulatory approval from Beijing to become the first complete foreign owner of a securities brokerage in the country.

JP Morgan's other business interests in mainland China include asset management and futures business.

This is not the first time Dimon had to apologize for his public statements. In September 2018, Dimon was speaking at a conference and said he could beat President Donald Trump in a campaign because he was smarter than Trump. He added that he had earned his wealth and didn't get it from his father.

Within a short time frame, Dimon issued a statement apologizing for his remarks and he issued a written statement saying that he should not have made the comment and he added that his original comments had proved that he "wouldn't make a good politician."

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